The LASEMA Managing Director, Adesina Tiamiyu, said victims were rescued alive from the collapsed building, through the combined efforts of LASEMA and other emergency responders including Lagos State Ambulance Service, Lagos State Fire Service, Lagos State Building Control Agency, Federal Fire Service.
Several news outlets reported at least eight people died, as of Wednesday night.
The collapse occurred in the Itafaji area of Lagos Island.
Ambode also said that the school had been set up illegally in that building.
There is no word on casualties yet.
He was greeted by some emergency rescue officials from the Lagos State Emergency Management Agency (LASEMA) who briefed him about ongoing efforts for about two minutes.
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The building, housing Ohen Private Nursery and Primary School on its third floor, caved in at about 10:20am, trapping scores of pupils.
Some residents in the area, however, describe the address of the building as 14, Massey Street, Ita-Faji.
Another angry protester who said her friend lost all three of her children in the disaster said it was inhumane to now be asked to make any form of payment either for the release of the bodies or for treatment of survivors.
Photos published by the Lagos State government on Twitter showed massive throngs of people gathered around the collapsed building.
Also speaking, Adelaja Adekanmbi, the Chairman, Nigeria Institute of Building (NIOB), Lagos Chapter, called for a Town Hall Meeting, comprisimg the government, professionals, developers, and end-users in the built environment.
It is not immediately clear what caused the structure to collapse.
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The school is located within a three-storey building.
NEMA has said that 37 people were rescued alive.
School bags, toys and clothes could be seen among the piles of rubble as a bulldozer tried to clear a path through some of the wreckage to help the rescue efforts.
In September 2014, 116 people, including 84 South Africans, were killed in Lagos after the collapse of a six-storey building in which a prominent televangelist was preaching.
"The collapsed building had been marked for demolition about three times, but the building regulatory agency has not demolished it".
"On its part, the government must fast-track demolition arrangements once a building is discovered to be weak and deserving of being pulled down to save lives", he said.
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"The Ministry urges all Lagosians to report distressed buildings, illegal and non-conforming developments to the Lagos State Building Control Agency (LASBCA), Lagos State Physical Planning Permit Authority (LASPPPA) and Lagos State Materials Testing Laboratory (LSMTL) through our Helplines on our handbills", he said.